Manhattan Associates surges on Q2 results beat

Manhattan Associates

24/07/2024 19:54

** Shares of software co Manhattan Associates  MANH.O  up
11.2% at $251.27 on Weds after Q2 report tops expectations
    ** MANH on track for biggest daily pct gain since Nov 10,
2022
    ** Atlanta-based supply chain solutions provider late Tues
posted adj EPS of $1.18 vs LSEG estimate of $0.96
    ** Rev in qtr increased 15% to $265 mln, also beating
consensus
    ** For FY 2024, co expects rev of $1.036-$1.044 bln, up ~12%
vs 2023, and adj EPS of $4.22-$4.30, 13%-15% growth
    ** Raymond James boosted its PT by $5 to $255, while D.A.
Davidson hiked PT by $25 to Street-high $285, per LSEG
    ** D.A. Davidson reiterated "buy", saying Q2 remaining
performance obligations (RPO) grew 29% yr/yr and co's demand
pipeline remains healthy with 35% consisting of net new
customers
    ** 8 of 11 analysts rate MANH "strong buy" or "buy", rest
"hold" and their median PT is $260
    ** With move on Weds, MANH up ~17% YTD vs S&P 400 Software &
Services index's  .SPMDCIS  ~1% advance

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))